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Members of Amalgamated Transit Union (ATU) Local 1005, which represents Metro Transit rail and bus operators in the Twin Cities, have approved a new two-year contract that calls for wage freezes and health insurance cost sharing.

The agreement, which the Metropolitan Council has yet to approve, would cover 2,200 Metro Transit employees retroactive to Aug. 1, 2010 and through July 31, 2012. Seventy-eight percent of members who cast ratification ballots voted in favor of the agreement. The previous contract expired July 31, 2010.

“Our employees recognize our financial situation, and we appreciate their willingness to be part of the solution,” said Pat Born, the regional council’s administrator, in a prepared statement. “Everyone recognizes that health care costs continue to rise at a rate much higher than inflation. As a result, the agreement establishes a labor management committee that will further explore health care design and costs.”